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EXHIBIT 12.1
Computation of Earnings to Fixed Charges
The following table presents the ratio of our earnings to our fixed charges for the five years ended December 31, 2014.
For the Years Ended December 31, | ||||||||||||||||||||
Computation of Earnings to Fixed Charges | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
(in thousands, except ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before assessments | $ | 67,066 | $ | 68,373 | $ | 78,655 | $ | 99,063 | $ | 32,432 | ||||||||||
Fixed charges | 130,692 | 145,362 | 194,248 | 270,084 | 398,091 | |||||||||||||||
Earnings available for fixed charges | $ | 197,758 | $ | 213,735 | $ | 272,903 | $ | 369,147 | $ | 430,523 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | 130,037 | 144,473 | 193,343 | 269,142 | 397,256 | |||||||||||||||
Interest portion of rental expense (1) | 655 | 889 | 905 | 942 | 835 | |||||||||||||||
Fixed charges | $ | 130,692 | $ | 145,362 | $ | 194,248 | $ | 270,084 | $ | 398,091 | ||||||||||
Ratio of earnings to fixed charges | 1.51 | 1.47 | 1.40 | 1.37 | 1.08 |
(1) | The interest portion of rental expense represents approximately 1/3 of annual net rental expense and does not include $249,000, $648,000, $837,000, and $442,000 in recoveries in 2013, 2012, 2011, and 2010 of our lease abandonment costs due to adjustments in projected future rental rates. |